Those who've examined Congressional Budget Office data have calculated that each job allegedly created by Obama's stimulus -- and this is if you accept the fantastically generous guesstimates -- cost between $225,000 and $600,000. But that's not the only way in which the administration has shown its virtual contempt for efficient job creation and its callousness concerning job destruction.
In the name of compassion, Obama advocates seemingly endless extensions of unemployment benefits because his economic theology holds that by paying people not to work, you will create jobs. It not only fails to factor in the obvious deterrent that extended benefits have on their recipients but also falsely assumes that transferring money from one pocket to the next generates more spending -- by some mythical multiple factor, no less. Back on planet Earth, studies reveal that extending unemployment benefits results in more unemployment.
But don't worry; Obama is on it. He's spent hours on the golf course meditating on job creation. In September, he is going to announce his jobs "reset" plan in some self-ballyhooed oration. But reports of such rumination and administration powwows on jobs are as phony as Obama's insistence that he doesn't intend Obamacare to lead to a single-payer system.
In fact, Obama doesn't meditate, cogitate, contemplate or deliberate about job creation, because he thinks he's already got it figured out. The only thing he's doing is strategizing how best to convince the people, against all their reason and instincts, that his failed policies will work if he keeps trying.
Meanwhile, he continues to wreak havoc on the market with his onerous tax, regulatory and administrative policies. We know better than to fall for his promise to cut $10 billion through regulatory relaxation. House Majority Leader Eric Cantor said the proposal was "underwhelming," and the U.S. Chamber of Commerce said the changes "will not have a material impact on the economy." Just more smoke and mirrors.
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